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Yet as telecoms capacity has become a commodity, the value of owning a network has diminished dramatically.
America's second- and third-largest long-distance companies, MCI and Sprint, are also suffering from the glut of telecoms capacity and the fast erosion of revenue from selling voice-minutes.
In America, where carriers were more relaxed about sharing space, they were quicker to set up joint "carrier hotels".As recently as a year ago, wholesalers of telecoms capacity were the market's main customers.
The Olympic effort also involves private investors building 10,000 new hotel rooms and boosting telecoms capacity.The Rio organisers have been liaising with their London counterparts since 2009.
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As Gil Sadka, an accounting professor at Columbia, suggests in a recent paper, WorldCom's lies — about its profits, about the amount of Internet traffic its network was carrying, and about the total demand for telecom capacity — made competitors like A.T.&T.
Band-X, Elliott's one-year-old startup effort, is the world's first web-based exchange for buyers and sellers of international telecom capacity, and wholesales both long distance minutes and bandwidth.
"We have always believed there is a huge opportunity for satellite communications services in emerging markets because growth for data and voice services is high whilst supply of telecoms network capacity is low," Mr Williams says.
Recent efforts to branch out into new areas, such as a re-entry into mobile telecoms using network capacity leased from other firms, have not come to much.In short, to maintain let alone increase its cashflow in the medium term, BT will probably have to cut costs more deeply.
In addition to shifting connection capacity, telecoms can allocate storage and compute power among networks as needed.
With 5G, telecoms can shift capacity from an area where it's not being used and add it to a different location where lines are filling up.
Global also entered into separate contracts with another (or possibly the same) telecom to buy capacity on their fiber and recorded these costs as a capital expense that was spread out over the life of the contract (also several years) and which resulted in small quarterly expenses.
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